雷神技術公司 (RTX) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Raytheon Technologies Third Quarter 2021 Earnings Conference Call.

女士們先生們，美好的一天，歡迎來到雷神科技 2021 年第三季度收益電話會議。

My name is Misty, and I will be your operator for today.

我叫 Misty，今天我將是您的接線員。

As a reminder, this conference is being recorded for replay purposes.

提醒一下，正在錄製此會議以供重播。

On the call today are Greg Hayes, Chairman and Chief Executive Officer; Neil Mitchill, Chief Financial Officer; and Jennifer Reed, Vice President of Investor Relations.

今天接聽電話會議的有董事長兼首席執行官 Greg Hayes；尼爾·米奇爾，首席財務官；和投資者關係副總裁 Jennifer Reed。

This call is being carried live on the internet, and there is a presentation available for download from Raytheon Technologies' website at www.rtx.com.

此電話會議在互聯網上進行現場直播，並且可以從 Raytheon Technologies 的網站 www.rtx.com 下載演示文稿。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items, often referred to by management as other significant items.

請注意，除非另有說明，否則公司將談到持續經營的結果，不包括收購會計調整和淨非經常性和/或重要項目，通常被管理層稱為其他重要項目。

The company also reminds listeners that the earnings and cash flow expectations, and any other forward-looking statements provided in this call are subject to risks and uncertainties.

公司還提醒聽眾，本次電話會議中提供的收益和現金流預期以及任何其他前瞻性陳述都存在風險和不確定性。

RTC's SEC filings, including its forms 8-K, 10-Q and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in these forward-looking statements.

RTC 向美國證券交易委員會提交的文件，包括其 8-K、10-Q 和 10-K 表格，詳細說明了可能導致實際結果與這些前瞻性陳述中預期的結果存在重大差異的重要因素。

(Operator Instructions) With that, I will turn the call over to Mr. Hayes.

（操作員說明）有了這個，我會把電話轉給海耶斯先生。

Well, thank you, Misty, and good morning, everyone.

好的，謝謝你，Misty，大家早上好。

As you saw from our press release this morning, we delivered another solid quarter.

正如您今天早上從我們的新聞稿中看到的那樣，我們又交付了一個穩定的季度。

A few comments before I turn to the highlights.

在我轉向亮點之前的一些評論。

We continue to feel good about the long-term fundamentals of our business and our ability to drive growth and margin expansion over the next several years.

我們繼續對我們業務的長期基本面以及我們在未來幾年推動增長和利潤擴張的能力感到滿意。

During the quarter, we made great progress on cost reduction, driving operational excellence to our businesses and achieved some notable milestones, which I'll touch on in just a moment.

在本季度，我們在降低成本、推動業務卓越運營方面取得了巨大進展，並實現了一些顯著的里程碑，我稍後會談到這些。

From a market perspective, commercial air traffic continued to recover, despite some regional impacts from the COVID variants, with global ASMs, or available seat miles, estimated to have grown about 30% sequentially in Q3.

從市場角度來看，儘管 COVID 變體對區域造成了一些影響，但商業空中交通繼續恢復，全球 ASM 或可用座位英里數估計在第三季度環比增長了約 30%。

And here in the U.S., passenger traffic through TSA checkpoints averaged about 1.9 million travelers per day in Q3.

在美國，第三季度平均每天通過 TSA 檢查站的客流量約為 190 萬人次。

That's up from about 1.6 million per day in Q2.

這高於第二季度的每天約 160 萬。

International borders, as we know, are starting to reopen, and that's another positive.

正如我們所知，國際邊界開始重新開放，這是另一個積極因素。

And on the defense side, the fiscal year '22 budget request was in-line with our expectations.

在國防方面，22 財年的預算申請符合我們的預期。

And as we've said, defense spending is nonpartisan, and we're encouraged to see Congress supporting plus ups to the President's budget that are also aligned to our business and our investments in new technologies.

正如我們所說，國防開支是無黨派的，我們很高興看到國會支持總統預算的增加，這也與我們的業務和我們對新技術的投資保持一致。

Overall, we continue to be cautiously optimistic on both the commercial and defense trends that we're seeing.

總體而言，我們繼續對我們所看到的商業和國防趨勢持謹慎樂觀態度。

Okay.

好的。

Let's move to Slide 2. Some highlights from the quarter.

讓我們轉到幻燈片 2。本季度的一些亮點。

Adjusted EPS exceeded our expectations.

調整後的每股收益超出了我們的預期。

Free cash flow was in-line with what we expected, and we delivered another quarter of top and bottom-line growth on both a year-over-year and a sequential basis as we capitalize on the commercial aftermarket recovery, and our defense portfolio continues to grow.

自由現金流符合我們的預期，並且隨著我們利用商業售後市場的複蘇，我們在同比和環比的基礎上又實現了四分之一的收入和利潤增長，我們的國防產品組合繼續成長。

Based on our strong performance year-to-date, we're again increasing and tightening our adjusted EPS outlook for the year to $4.10 to $4.20 a share.

基於我們年初至今的強勁表現，我們再次將調整後的全年每股收益預期上調至每股 4.10 美元至 4.20 美元。

That's up from our prior outlook of $3.85 to $4.00.

這高於我們之前 3.85 美元至 4.00 美元的預期。

Neil Mitchill will get you into the details on sales and free cash flow, where we're also tightening our outlook in both areas.

Neil Mitchill 將為您詳細介紹銷售和自由現金流，我們也在這兩個領域收緊了我們的前景。

On the capital allocation front, we repurchased about $1 billion of RTX shares during the quarter, bringing our total for the year to $2 billion, which was our commitment that we talked about back in Q2.

在資本配置方面，我們在本季度回購了約 10 億美元的 RTX 股票，使我們今年的總額達到 20 億美元，這是我們在第二季度談到的承諾。

Before I turn it over to Neil, a couple of more details on our results.

在我把它交給尼爾之前，先介紹一下我們結果的更多細節。

Let me cover some strategic and operational highlights for the quarter, where we continued to execute on our key programs.

讓我介紹本季度的一些戰略和運營重點，我們繼續執行我們的關鍵計劃。

Starting with strategic highlights.

從戰略亮點開始。

We'd announced the acquisition of FlightAware, which will become a significant accelerator for Collins' connected ecosystem strategy and enhances our capabilities in growth areas like aviation network services, digital solutions and airspace modernization.

我們宣布收購 FlightAware，這將成為柯林斯互聯生態系統戰略的重要加速器，並增強我們在航空網絡服務、數字解決方案和空域現代化等增長領域的能力。

And we're organizing our business around optimizing these capabilities within Collins Aerospace.

我們正在圍繞優化 Collins Aerospace 中的這些功能來組織我們的業務。

We also announced the acquisition of SEAKR Engineering, a leading provider of advanced space electronic solutions.

我們還宣布收購先進空間電子解決方案的領先供應商 SEAKR Engineering。

SEAKR strengthens our offerings to solve our customers' most complex problems by expanding our space-based capabilities.

SEAKR 通過擴展我們的天基能力來增強我們的產品以解決客戶最複雜的問題。

With the integration of Blue Canyon, this also enhances RIS' competitiveness and reliability of satellite bus hardware and customized space electronics.

隨著Blue Canyon的整合，這也增強了RIS在衛星總線硬件和定制空間電子產品方面的競爭力和可靠性。

At the same time, we continue to divest non-core businesses.

同時，我們繼續剝離非核心業務。

During the quarter, we announced an agreement to divest our global training and services business, which is a part of RIS.

在本季度，我們宣布了一項協議，將剝離我們的全球培訓和服務業務，該業務是 RIS 的一部分。

On the operational side, the Missiles & Defense team and their industry partners successfully completed the first test of a scramjet-powered Hypersonic Air-breathing Weapon Concept, or HAWC, for DARPA and the U.S. Air Force.

在操作方面，導彈與防禦團隊及其行業合作夥伴為 DARPA 和美國空軍成功完成了由超燃沖壓發動機驅動的高超音速吸氣式武器概念 (HAWC) 的首次測試。

The HAWC successfully sustained hypersonic speeds, offering faster time on target and greater maneuverability.

HAWC 成功地保持了高超音速，提供了更快的目標時間和更高的機動性。

The successful test puts us on track to deliver a prototype system to the U.S. Department of Defense.

成功的測試使我們走上了向美國國防部交付原型系統的軌道。

And lastly, at Pratt, the Columbus Forge Disc business continues to integrate critical operations to drive further quality, performance and cost reduction.

最後，在普拉特，Columbus Forge Disc 業務繼續整合關鍵業務，以進一步推動質量、性能和成本降低。

Utilizing our CORE operating system tools, the team in Columbus reduced the lead time of forgings by up to 35 days and reduced both cost and inventory.

利用我們的 CORE 操作系統工具，哥倫布的團隊將鍛件的交貨時間縮短了多達 35 天，並降低了成本和庫存。

As you can see, driving operational excellence through our organization is a key to our success over the long term.

正如您所見，通過我們的組織推動卓越運營是我們取得長期成功的關鍵。

With that, let me turn it over to Neil to take you through the quarter in detail.

有了這個，讓我把它交給尼爾來詳細介紹這個季度。

Neil?

尼爾？

Thanks, Greg.

謝謝，格雷格。

I'm on Slide 3. So, I'm pleased with our performance in the quarter, where we saw strong year-over-year sales growth, adjusted earnings growth and free cash flow.

我在幻燈片 3 上。所以，我對我們本季度的表現感到滿意，我們看到了強勁的同比銷售增長、調整後的收益增長和自由現金流。

Sales of $16.2 billion were up 10% organically versus prior year on an adjusted basis.

調整後的銷售額為 162 億美元，與上一年相比有機增長 10%。

Our performance was driven by the continued recovery of domestic and short-haul international air travel and continued growth in defense.

我們的業績受到國內和短途國際航空旅行持續復甦以及國防業務持續增長的推動。

That was partially offset by some supply chain pressures and lower 787 OE volume.

這部分被一些供應鏈壓力和較低的 787 OE 數量所抵消。

And while we expect these headwinds to continue in the near term, we only see this as a timing issue.

雖然我們預計這些逆風將在短期內繼續存在，但我們認為這只是一個時間問題。

Nonetheless, we remain focused on our cost actions and program execution to drive continued earnings and cash flow growth.

儘管如此，我們仍然專注於我們的成本行動和計劃執行，以推動持續的收益和現金流增長。

Adjusted earnings per share of $1.26 was ahead of our expectations, primarily driven by Collins, Pratt and some corporate items.

調整後的每股收益為 1.26 美元，超出了我們的預期，這主要是受 Collins、Pratt 和一些公司項目的推動。

On a GAAP basis, EPS from continuing operations was $0.93 per share and included $0.33 of acquisition accounting adjustments and net significant and/or nonrecurring items.

根據公認會計原則，持續經營業務的每股收益為 0.93 美元，其中包括 0.33 美元的收購會計調整和淨重大和/或非經常性項目。

It's worth noting that both GAAP and adjusted earnings per share benefited from about $0.16 of lower tax expense related to previously disclosed actions we took to optimize the company's legal entity and operating structure in the quarter as well as a pension-related benefit that was worth about $0.05.

值得注意的是，GAAP 和調整後的每股收益都受益於與我們之前披露的為優化本季度公司的法律實體和運營結構而採取的行動相關的稅收支出降低約 0.16 美元，以及價值約0.05 美元。

Free cash flow of $1.5 billion was in line with our expectations, keeping us on track for the full year.

15 億美元的自由現金流符合我們的預期，使我們全年保持在正軌。

Before I hand it over to Jennifer, let me give you a little color on our synergy progress.

在我將其交給 Jennifer 之前，讓我先簡單介紹一下我們的協同進展情況。

During the quarter, we achieved about $165 million of incremental merger gross cost synergies.

本季度，我們實現了約 1.65 億美元的增量合併總成本協同效應。

And given our strong performance, we are again increasing our 2021 target and now expect to achieve over $700 million of cost synergies this year.

鑑於我們的強勁表現，我們再次提高了 2021 年的目標，現在預計今年將實現超過 7 億美元的成本協同效應。

This will bring us to nearly $1 billion in cumulative gross cost synergies since the merger, and we're well on our way to meeting our $1.5 billion commitment.

自合併以來，這將使我們的累計總成本協同效應達到近 10 億美元，我們正在順利實現 15 億美元的承諾。

So with that, let me hand it over to Jennifer to take you through the segment results.

因此，讓我將其交給詹妮弗，讓您了解細分市場的結果。

Thanks, Neil.

謝謝，尼爾。

Starting with Collins Aerospace on Slide 4. Sales were $4.6 billion in the quarter, up 7% on an adjusted basis and up 9% on an organic basis, driven primarily by the continued recovery in the commercial aerospace end markets.

從幻燈片 4 上的 Collins Aerospace 開始。本季度銷售額為 46 億美元，調整後增長 7%，有機增長 9%，這主要受商業航空終端市場持續復甦的推動。

By channel, commercial aftermarket sales were up 38%, driven by a 44% increase in parts and repair, a 43% increase in provisioning and a 22% increase in modifications and upgrades.

按渠道劃分，商業售後市場銷售額增長了 38%，其中零部件和維修增長了 44%，供應增長了 43%，改裝和升級增長了 22%。

Sequentially, commercial aftermarket sales were up 4%, roughly in line with our expectations.

隨後，商業售後市場銷售額增長了 4%，大致符合我們的預期。

Commercial OE sales were down 3%, with strength in narrowbody more than offset by lower widebody deliveries, primarily 787.

商用 OE 銷售額下降了 3%，窄體機的優勢被寬體機交付量（主要是 787）的減少所抵消。

And military sales were down 5% on an adjusted basis and down 1% organically on a tough compare.

軍品銷售額在調整後下降了 5%，在艱難的比較中有機下降了 1%。

Recall, Collins' military sales were up 8% in the same period last year.

回想一下，柯林斯的軍品銷售額在去年同期增長了 8%。

Adjusted operating profit of $480 million was up $407 million from the prior year.

調整後營業利潤為 4.8 億美元，比上年增加 4.07 億美元。

Higher commercial aftermarket sales, favorable mix and synergy capture more than offset lower military volume.

更高的商業售後市場銷售額、有利的組合和協同作用抵消了較低的軍用銷量。

Looking ahead, due to expected supply chain pressures and 787 OE delivery headwinds, we now expect Collins full year sales to be down mid-single digit.

展望未來，由於預期的供應鏈壓力和 787 OE 交付逆風，我們現在預計 Collins 全年銷售額將下降中個位數。

However, given the continued recovery in the commercial aftermarket and the benefit of cost-containment measures, we are increasing Collins full year operating profit outlook to a new range of up $250 million to $300 million versus 2020.

然而，鑑於商業售後市場的持續復甦和成本控制措施的好處，我們將 Collins 全年營業利潤預期上調至與 2020 年相比增加 2.5 億美元至 3 億美元的新範圍。

Shifting to Pratt & Whitney on Slide 5. Sales of $4.7 billion were up 25% on an adjusted basis and up 35% on an organic basis, primarily driven by the continued recovery of the commercial aerospace industry.

轉到幻燈片 5 上的 Pratt & Whitney。47 億美元的銷售額在調整後增長 25%，在有機基礎上增長 35%，這主要受商業航空業持續復甦的推動。

Commercial aftermarket sales were up 56% in the quarter, with legacy large commercial engine shop visits up 49% and Pratt Canada shop visits up 18%.

本季度商業售後市場銷售額增長 56%，傳統大型商業發動機商店訪問量增長 49%，Pratt Canada 商店訪問量增長 18%。

Sequentially, commercial aftermarket sales were up 17%.

隨後，商業售後市場銷售額增長了 17%。

Commercial OE sales were up 22%, driven by higher GTF deliveries within Pratt's large commercial engine business.

商用 OE 銷售額增長了 22%，這得益於普惠大型商用發動機業務中更高的 GTF 交付量。

The military business sales were up 2% on another tough compare.

軍事業務銷售額在另一個艱難的比較中增長了 2%。

Recall, Pratt military sales were up 11% in the same period last year.

回想一下，Pratt 的軍品銷售額在去年同期增長了 11%。

Growth in the quarter was driven by a continued ramp in F-135 sustainment, which was particularly offset by lower material inputs on production and classified development programs.

本季度的增長是由 F-135 維護的持續增長推動的，這尤其被生產和分類開發項目的材料投入減少所抵消。

Adjusted operating profit of $189 million was better than expected and was up $232 million from the prior year.

調整後營業利潤為 1.89 億美元，好於預期，比上年增加 2.32 億美元。

Drop-through on higher commercial aftermarket sales, more than offset the impact of higher commercial OE volume and higher SG&A and E&D.

更高的商業售後市場銷售額的下降，足以抵消更高的商業 OE 數量和更高的 SG&A 和 E&D 的影響。

Looking ahead, due to the continued commercial aerospace recovery, we now expect Pratt's full year sales to be up mid-single digit.

展望未來，由於商業航空業的持續復甦，我們現在預計 Pratt 的全年銷售額將達到中等個位數。

In addition, we are increasing Pratt's full year operating profit outlook to a new range of flat to up $50 million versus 2020.

此外，我們將 Pratt 的全年營業利潤預期上調至與 2020 年持平至增加 5000 萬美元的新範圍。

Turning now to Slide 6. RIS sales of $3.7 billion were in-line with prior year results on an adjusted basis and down 1% on an organic basis, driven primarily by the timing of material input from suppliers.

現在轉到幻燈片 6。RIS 的銷售額為 37 億美元，在調整後的基礎上與上一年的結果一致，並且在有機基礎上下降了 1%，這主要是受供應商材料輸入時間的推動。

Adjusted operating profit in the quarter of $391 million was in-line with expectations and was up $41 million year-over-year on an adjusted basis, driven primarily by higher program efficiencies.

本季度調整後營業利潤為 3.91 億美元，符合預期，調整後同比增長 4100 萬美元，這主要是由於項目效率提高所致。

RIS had $2.9 billion of bookings in the quarter, resulting in a book-to-bill of 0.84, as expected, and a backlog of $18.7 billion.

RIS 在本季度有 29 億美元的預訂，如預期的那樣，訂單出貨率為 0.84，積壓訂單為 187 億美元。

Significant bookings included approximately $1 billion on classified programs.

重要的預訂包括大約 10 億美元的機密節目。

It's worth noting that we expect RIS full year book-to-bill to be greater than 1. Turning to RIS' full year outlook.

值得注意的是，我們預計 RIS 全年訂單出貨比將大於 1。轉向 RIS 的全年展望。

Due to the timing of material inputs from suppliers, we now see RIS' sales growing low single digit.

由於供應商材料投入的時間安排，我們現在看到 RIS 的銷售額增長低個位數。

However, as a result of improved productivity, we continue to expect RIS' operating profit to grow $150 million to $175 million versus adjusted pro forma 2020.

然而，由於生產力提高，我們繼續預計 RIS 的營業利潤將比調整後的 2020 年預估增長 1.5 億美元至 1.75 億美元。

Turning now to Slide 7. RMD sales were $3.9 billion, up 7% on an adjusted basis and up 5% on an organic basis, driven by liquidations of precontract costs on an AMRAAM award received in the quarter and the expected ramp in our NASAMS franchise.

現在轉到幻燈片 7。RMD 銷售額為 39 億美元，調整後增長 7%，有機增長 5%，這是由於本季度收到的 AMRAAM 合同合同前成本的清算以及我們 NASAMS 特許經營權的預期增長.

Adjusted operating profit of $490 million was in-line with our expectations and was up $59 million versus the prior year, primarily on higher sales volume.

調整後營業利潤為 4.9 億美元，符合我們的預期，比上年增長 5900 萬美元，主要是由於銷量增加。

RMD's bookings in the quarter were approximately $3.9 billion, resulting in a book-to-bill of 1.02 and a backlog of $29.6 billion.

RMD 本季度的預訂額約為 39 億美元，導致訂單出貨率為 1.02，積壓訂單為 296 億美元。

Significant bookings in the quarter included AMRAAM Lot 35 for $570 million, a Patriot GEM-T order for $432 million as well as several other notable awards.

本季度的重要訂單包括價值 5.7 億美元的 AMRAAM Lot 35、價值 4.32 億美元的愛國者 GEM-T 訂單以及其他幾個著名的獎項。

We also expect RMD's full year book-to-bill to be greater than 1.

我們還預計 RMD 的全年訂單出貨比將大於 1。

We remain confident in our full year outlook for RMD, with sales growing low to mid-single digit and operating profit growing $50 million to $75 million versus adjusted pro forma 2020.

我們對 RMD 的全年前景充滿信心，與調整後的 2020 年預估相比，銷售額增長低至中個位數，營業利潤增長 5000 萬至 7500 萬美元。

And now I'll turn it back to Neil to provide some color on the rest of the year.

現在我會把它轉回給尼爾，為今年餘下的時間提供一些顏色。

Thanks, Jennifer.

謝謝，詹妮弗。

I'm on Slide 8. As we look ahead at the fourth quarter, we continue to be encouraged by the recovery of commercial air travel that has driven sequential aftermarket growth so far this year.

我在幻燈片 8 上。展望第四季度，我們繼續受到今年迄今為止推動售後市場連續增長的商業航空旅行複甦的鼓舞。

However, the recovery of long-haul international traffic continues to lag expectations.

然而，長途國際運輸的複蘇繼續落後於預期。

And on the OE side, 787 build rates have come down more than we had expected, resulting in a significant impact to our top line outlook for the year.

在 OE 方面，787 建造率的下降幅度超出了我們的預期，對我們今年的收入前景產生了重大影響。

Additionally, we aren't immune to the global supply chain pressures that are seeing some isolated impacts from the supply chain, primarily at Collins and RIS.

此外，我們也不能免受全球供應鏈壓力的影響，這些壓力正在從供應鏈中看到一些孤立的影響，主要是在 Collins 和 RIS。

However, we are working with our suppliers to mitigate these timing issues.

但是，我們正在與我們的供應商合作以緩解這些時間問題。

And finally, while we anticipate the pending vaccine mandate may put further pressure on the supply chain in the near term, higher vaccination rates will continue to build confidence in the safety of air travel going forward.

最後，雖然我們預計未決的疫苗授權可能會在短期內對供應鏈造成進一步壓力，但更高的疫苗接種率將繼續增強人們對未來航空旅行安全的信心。

So with that backdrop, we're adjusting our sales outlook and now see full year sales of about $64.5 billion, slightly higher than the low end of our prior outlook.

因此，在這種背景下，我們正在調整我們的銷售前景，現在全年銷售額約為 645 億美元，略高於我們先前預期的低端。

However, given the strong performance on cost control, synergy capture and program execution, we are raising and tightening our adjusted EPS range to $4.10 to $4.20 per share or up about $0.22 from the midpoint of our prior outlook.

然而，鑑於在成本控制、協同效應捕獲和計劃執行方面的強勁表現，我們將調整後的每股收益範圍上調並收緊至每股 4.10 美元至 4.20 美元，或比我們先前預期的中點高出約 0.22 美元。

About $0.07 of the increase comes from the segments, Collins and Pratt, and the remainder comes from improvements in corporate items.

大約 0.07 美元的增長來自 Collins 和 Pratt 部門，其餘部分來自公司項目的改進。

And on the cash side, we are also raising the low end of our free cash flow outlook and now see free cash flow of approximately $5 billion for the full year.

在現金方面，我們也提高了自由現金流展望的下限，現在全年的自由現金流約為 50 億美元。

It's worth mentioning that we've included an updated outlook for the segments and some below-the-line items in the webcast appendix.

值得一提的是，我們在網絡廣播附錄中包含了細分市場的更新展望和一些線下項目。

With that, I'll hand it back to Greg to wrap things up.

有了這個，我會把它交還給格雷格，讓他把事情搞定。

Okay.

好的。

Thank you, Neil.

謝謝你，尼爾。

So we're on Slide 9. And this is just kind of our view of the operating environment that we're facing going into 2022.

所以我們在幻燈片 9 上。這只是我們對進入 2022 年所面臨的運營環境的一種看法。

Now we're not going to give specific guidance on 2022 today, other than to say that the trends that we talked about in our May investor conference are proving to be pretty much on track with what we're seeing for next year.

現在我們今天不打算給出 2022 年的具體指導，只是說我們在 5 月的投資者會議上討論的趨勢被證明與我們明年所看到的趨勢非常吻合。

On the positive side, obviously, we expect the commercial aerospace recovery to continue, and we feel good about our ability to grow our defense franchises with our robust $65 billion backlog and the bipartisan support for the fiscal year '22 budget, and of course, the international demand for our products and technologies continues to be strong.

顯然，從積極的方面來看，我們預計商業航空航天的複蘇將繼續下去，我們對我們憑藉強勁的 650 億美元積壓訂單和兩黨對 22 財年預算的支持而發展國防特許經營權的能力感到滿意，當然，國際上對我們的產品和技術的需求持續強勁。

We're also laser-focused on driving operational excellence to deliver cost reduction and further margin expansion.

我們還專注於推動卓越運營，以降低成本並進一步擴大利潤。

This is really a part of our CORE operating system rollout.

這實際上是我們 CORE 操作系統推出的一部分。

Again, it gives us confidence so that we can continue to grow the margins along the trajectory that we talked about.

同樣，它給了我們信心，使我們能夠沿著我們談到的軌跡繼續增加利潤率。

On the challenges side, no real surprises here.

在挑戰方面，這裡沒有真正的驚喜。

We anticipate the global supply chain pressure will continue and that lower 787 build rates will carry into next year.

我們預計全球供應鏈壓力將持續，較低的 787 建造率將延續到明年。

Again, none of these are, I guess, new to us.

同樣，我想這些對我們來說都不是新的。

We'll manage through them, but something I think everybody is going to face in the industry.

我們會通過它們進行管理，但我認為每個人都會在這個行業中面對。

And of course, we are watching and monitoring, if you will, the reopening of international borders.

當然，如果您願意，我們正在觀察和監控國際邊界的重新開放。

It all looks to be positive so far.

到目前為止，一切看起來都是積極的。

But again, the COVID variants could change that in a hurry.

但同樣，COVID 變體可能會迅速改變這種狀況。

Global tax and inflationary environment are also a concern as we think about next year.

全球稅收和通脹環境也是我們考慮明年的一個問題。

And lastly, the impact of the COVID vaccine mandate.

最後，COVID 疫苗授權的影響。

As you know, all federal contractors are required by December 8 to have all of our employees vaccinated.

如您所知，所有聯邦承包商都必須在 12 月 8 日之前為我們所有的員工接種疫苗。

We certainly expect that there will be some disruption in both the supply chain and with our customers as a result of this, but we're going to work our way through it.

我們當然預計供應鍊和我們的客戶都會因此而受到一些干擾，但我們將努力解決這個問題。

Alright.

好吧。

So, before we get to the Q&A, let me just close by saying that I'm really pleased with our performance in the quarter, and I'm confident in the strength of our businesses as we look ahead.

因此，在我們進行問答之前，讓我結束時說我對我們本季度的表現非常滿意，並且我對我們未來的業務實力充滿信心。

I want to reiterate, we remain focused on supporting our employees, customers, suppliers and our communities.

我想重申，我們仍然專注於支持我們的員工、客戶、供應商和我們的社區。

But our most important mission is keeping our employees safe.

但我們最重要的使命是確保員工安全。

And finally, the strength of our balance sheet, along with the cash-generating capabilities of our business, will continue to provide us with financial flexibility to support investments in our business while still returning capital to shareowners, including our commitment to return at least $20 billion to shareowners in the first 4 years following the merger.

最後，我們資產負債表的實力以及我們業務的現金產生能力將繼續為我們提供財務靈活性，以支持對我們業務的投資，同時仍將資本返還給股東，包括我們承諾返還至少 20 美元合併後的前 4 年，股東將獲得 10 億美元的收益。

With that, Misty, let's open it up for questions.

有了這個，Misty，讓我們打開它來提問。

(Operator Instructions) Your first question comes from the line of Peter Arment with Baird.

（操作員說明）您的第一個問題來自 Peter Arment 與 Baird 的對話。

Greg, maybe you could just talk a little bit about the lost sales in defense, maybe how you're thinking about how that recovers.

格雷格，也許你可以談談國防銷售的損失，也許你是如何考慮如何恢復的。

Do we expect to get all that back in 2022?

我們是否希望在 2022 年恢復所有這些？

And maybe just any color about the supply chain challenges that you're seeing in defense.

也許只是你在防禦中看到的供應鏈挑戰的任何顏色。

Yes.

是的。

So, the lost sales on the defense side, I would -- 3 categories of issues there.

所以，在國防方面的銷售損失，我認為有 3 類問題。

One, I think the pullout in Afghanistan, there's about a $75 million impact to full year revenue, not huge, but meaningful.

第一，我認為阿富汗的撤軍對全年收入產生了大約 7500 萬美元的影響，影響不大，但意義重大。

That will not recover, obviously.

顯然，這不會恢復。

Those are services that we were providing to the U.S. government or the Afghan government prior to the pullout.

這些是我們在撤軍之前向美國政府或阿富汗政府提供的服務。

So $75 million kind of goes away.

所以 7500 萬美元消失了。

You've got another probably $275 million of actual supply chain and people issues.

您還有另外 2.75 億美元的實際供應鍊和人員問題。

And by people issues, I mean, our -- the fact is we haven't been able to bring enough people on board to generate the revenue that we were expecting.

就人員問題而言，我的意思是，我們的——事實是我們無法吸引足夠多的人來產生我們預期的收入。

That's mainly due to that.

主要是因為這個。

The other is actual supply chain pressure where we're not getting the material in.

另一個是我們無法獲得材料的實際供應鏈壓力。

As you know, Peter, when we get the material in on the defense side, we -- that gets built right away to the customer and we recognize the revenue.

如你所知，彼得，當我們在防禦方面獲得材料時，我們 - 立即為客戶建造，我們確認收入。

So that piece will come back.

所以那件作品會回來。

The hiring piece will come back.

招聘片會回來的。

The Afghanistan piece won't come back.

阿富汗片不會回來。

So think about that $275 million.

所以想想那 2.75 億美元。

I don't expect -- we're not going to see it clearly in the fourth quarter, but we're not going to lose (inaudible) next year.

我不希望 - 我們不會在第四季度清楚地看到它，但明年我們不會輸（聽不清）。

I can't tell you what quarter it's going to be in, but we'll get that back.

我不能告訴你它會出現在哪個季度，但我們會把它找回來。

Your next question is from the line of David Strauss with Barclays.

你的下一個問題來自 David Strauss with Barclays。

Greg, I wanted to ask you a couple of questions on aero rates.

格雷格，我想問你幾個關於空運費率的問題。

I guess, first of all, on MAX.

我想，首先，在 MAX 上。

This year, you had talked about 161.

今年，你談到了 161。

Are you actually going to hit that?

你真的要打那個嗎？

On 787, where are you exactly today?

787，你今天具體在哪裡？

Are you actually producing anything?

你真的在生產什麼嗎？

And on A320, I know Airbus is talking about a big ramp up there.

而在 A320 上，我知道空中客車公司正在談論那裡的大幅提升。

But if you look at their deliveries, it doesn't look like much is actually happening.

但是，如果您查看他們的交付，就會發現實際上並沒有發生太多事情。

Can you talk about where you are on A320 rates as well?

你能談談你在 A320 費率上的位置嗎？

Yes.

是的。

All right, David, let's try and unpack that.

好吧，大衛，讓我們試著打開包裝。

Let's start with 737.

讓我們從 737 開始吧。

We still believe Boeing is going to deliver those aircraft.

我們仍然相信波音公司將交付這些飛機。

Keep in mind, for the first half of this year, we were not really delivering material to Boeing because they had it in inventory.

請記住，今年上半年，我們並沒有真正向波音公司交付材料，因為他們有庫存。

And so we've just really started to ramp up the OE deliveries out of Collins again.

因此，我們才真正開始再次增加柯林斯的 OE 交付量。

And keep in mind, that's about $2.5 million roughly a ship set of revenue on 737.

請記住，這大約是 250 萬美元，大約是 737 的一組收入。

So we fully expect Boeing will be taking production up there on 737 this year as they work through their backlog of undelivered aircraft and they go through the ramp-up process.

因此，我們完全預計波音公司今年將在 737 上進行生產，因為他們正在處理積壓的未交付飛機，並經歷了升級過程。

As far as 787, that, I think, is maybe the big question that we have right now.

至於 787，我認為這可能是我們現在面臨的大問題。

We are not shipping anything today on 787.

我們今天不在 787 上運送任何東西。

We had expected to be delivering at about 5 a month.

我們曾預計每月交付 5 次左右。

And keep in mind, that's a $10 million revenue per aircraft impact.

請記住，這是每架飛機產生 1000 萬美元收入的影響。

So if you think about the -- part of the problem at Collins in Q4 will be 787 deliveries.

因此，如果你考慮一下——柯林斯在第四季度的部分問題將是 787 次交付。

Now again, they'll catch back up but probably not this year.

現在，他們又會趕上來，但可能不會在今年。

As it relates to the A320, again, we -- I think they're probably building at a rate of, what, 43 a month going up, we think, a little bit next year, and continuing on towards Guillaume's goal, I believe, of rate 75.

就 A320 而言，我們 - 我認為他們可能正在以每月增加 43 架的速度建造，我們認為，明年會增加一點，並繼續朝著 Guillaume 的目標前進，我相信, 比率 75.

Not clear we're going to get all the way to rate 75.

不清楚我們是否會一直達到 75 分。

But clearly, we see demand strengthening for the A320.

但很明顯，我們看到 A320 的需求在增強。

It's a great aircraft, and it's got great performance characteristics.

這是一架很棒的飛機，並且具有出色的性能特徵。

And keep in mind, so the GTF, today, we've got just over 900 aircraft delivered.

請記住，GTF，今天，我們已經交付了 900 多架飛機。

We've flown about 9.5 million hours.

我們已經飛行了大約 950 萬小時。

We've got a 99.9% dispatch reliability rate.

我們有 99.9% 的調度可靠性。

The engine is great.

引擎很棒。

And we continue to see opportunities to grow our market position on the A320.

我們繼續看到機會增加我們在 A320 上的市場地位。

But we don't see any shortage of demand in the near term on the A320.

但我們認為 A320 短期內不會出現任何需求短缺。

Your next question is from the line of Ron Epstein with Bank of America.

你的下一個問題來自美國銀行的 Ron Epstein。

Can you guys talk a little bit about the F-35 reengining?

你們能談談 F-35 的重新設計嗎？

There's been a lot of, I guess, noise and discussion in the defense community around the reengining, the adaptive engine transition program.

我猜，國防界圍繞重新設計、自適應引擎轉換計劃有很多噪音和討論。

There's been some talk on it on the hill.

山上有人談過這件事。

Where are you guys on that?

你們在哪裡？

And how do you defend yourself against the GE offering?

你如何抵禦通用電氣的產品？

Okay, Ronald, let's go through that.

好吧，羅納德，讓我們來談談。

So the adaptive engine, GE and Pratt & Whitney both have adaptive engines on test.

所以自適應引擎，GE和Pratt & Whitney都有自適應引擎在測試中。

We're going into -- we did a ground test this summer.

我們將進入 - 今年夏天我們進行了地面測試。

We'll be doing flight tests early next year.

我們將在明年初進行飛行測試。

There is a thought of reengining the -- I'm sorry, the F-35 sometime in the 2027, 2028 time frame, which is extremely aggressive.

有重新設計的想法——對不起，F-35 在 2027 年、2028 年的某個時候，這是非常激進的。

The issue right now with the adaptive engine is it does not fit on the carrier-based version, the Navy version or the Marine core version, the shortlist STOVL.

自適應引擎現在的問題是它不適合艦載版本、海軍版本或海軍陸戰隊核心版本，入圍名單 STOVL。

So the Air Force would have to fund the entire development cost of a new engine.

因此，空軍將不得不資助新發動機的全部開發成本。

The other issue we've got with the adaptive engine, this is brand-new technology.

我們在自適應引擎方面遇到的另一個問題是全新的技術。

Unlike the F-135, which has millions of flight hours on the core.

不像 F-135，其核心擁有數百萬飛行小時。

And you're talking about a single-engine fighter.

你說的是單引擎戰鬥機。

I think it's going to be a tough putt to think about putting a brand-new paper engine on the F-35 in the near term.

我認為在短期內考慮在 F-35 上安裝全新的紙質發動機將是一個艱難的推桿。

We have talked to the JPO about an enhanced engine offering of the 135, where we can upgrade the current F-135 to provide more cooling and more thrust at a significantly lower cost than a brand-new centerline engine.

我們已經與 JPO 討論了 135 的增強型發動機產品，我們可以在其中升級當前的 F-135，以比全新的中線發動機低得多的成本提供更多的冷卻和更大的推力。

So we're going to continue to work with the services on this.

因此，我們將繼續與這方面的服務合作。

Again, I think it's the thought of a brand-new engine, that's going to be a tough putt.

再一次，我認為這是一個全新引擎的想法，這將是一個艱難的推桿。

It's not to say we're not going to look for ways to improve the current version.

這並不是說我們不會尋找改進當前版本的方法。

I think that's just a question of finding the funding because as the Lot 4 gets introduced.

我認為這只是尋找資金的問題，因為隨著 Lot 4 的推出。

We are going to need more cooling.

我們需要更多的冷卻。

We are going to need more thrust.

我們將需要更多的推力。

But we have a plan to address that with the JPO.

但我們有計劃與 JPO 一起解決這個問題。

Your next question is from the line of Sheila Kahyaoglu with Jefferies.

您的下一個問題來自 Sheila Kahyaoglu 與 Jefferies 的合作。

Greg, Neil and Jennifer, I want to maybe ask about the aftermarket.

Greg、Neil 和 Jennifer，我想問問售後市場。

When we look at the 2-year stock basis, Pratt aftermarket seems to be at 76% of 2019 levels, and Collins is at 66%, also at a lower growth rate.

當我們查看 2 年庫存基礎時，Pratt 售後市場似乎處於 2019 年水平的 76%，Collins 為 66%，增長率也較低。

Maybe can you talk about what's driving some of that growth differential?

也許你能談談是什麼推動了這種增長差異？

Is it just engines versus airframe and overall program mix?

它只是發動機與機身和整體項目組合嗎？

Sheila, let me start.

希拉，讓我開始吧。

We're very pleased, obviously, with the aftermarket performance in the quarter.

顯然，我們對本季度的售後市場表現感到非常滿意。

You saw Pratt up 6% year-over-year, 17% sequentially; and Collins at 38%, also up in-line with our expectations sequentially almost 5%, 4%.

你看到 Pratt 同比增長 6%，環比增長 17%；和柯林斯為 38%，也符合我們的預期，連續增長近 5%、4%。

So the difference, I think, comes down to the product mix of offerings.

因此，我認為，差異歸結為產品的產品組合。

And frankly, as we talked about, Collins has a fair share of widebody, and that hasn't yet recovered.

坦率地說，正如我們所談到的，柯林斯在寬體飛機上佔有相當大的份額，而且還沒有恢復。

As we all know, we do expect that to be sort of the next growth driver for Collins as we get into next year and the international routes start to reopen.

眾所周知，隨著我們進入明年國際航線開始重新開放，我們確實希望這將成為柯林斯的下一個增長動力。

On the Pratt side, very good shop visit induction.

在 Pratt 方面，非常好的商店參觀介紹。

We saw 49% year-over-year legacy shop visits come in.

我們看到 49% 的舊店訪問量同比增長。

That's a little higher than the 30%, 35% that we thought we would see.

這比我們認為會看到的 30%、35% 略高。

So that upside, probably about $75 million of sales, is contributing to a full year $100 million increase in the Pratt outlook for the rest of this year.

因此，這種上升趨勢（可能約為 7500 萬美元的銷售額）正在為今年剩餘時間的 Pratt 展望全年增加 1 億美元做出貢獻。

So pleased with the narrowbody recovery.

對窄體機恢復感到非常滿意。

As we look to fourth quarter, we'll continue to see shop visits at Pratt on the legacy side up year-over-year, probably in the neighborhood of 20%, down a little bit sequentially because we had some pull ahead into the third quarter, but still very solid there.

展望第四季度，我們將繼續看到 Pratt 在傳統方面的商店訪問量同比增長，可能在 20% 左右，環比略有下降，因為我們在第三季度取得了一些進展季度，但那裡仍然非常穩固。

We're well positioned to support those inductions with parts and aftermarket.

我們有能力通過零件和售後市場支持這些導入。

And then at Collins, same thing.

然後在柯林斯，同樣的事情。

We'll continue to see the narrowbody perform quite well, as Greg just talked about, 737 MAX stepping up.

我們將繼續看到窄體機表現良好，正如 Greg 剛才所說的那樣，737 MAX 正在加強。

Probably by the middle of next year, we'll start to align the rates of our deliveries with Boeing's deliveries, and that will come with aftermarket as well.

可能到明年年中，我們將開始使我們的交付率與波音公司的交付率保持一致，這也將與售後市場同步。

And then we'll see the widebody.

然後我們會看到寬體機。

Your next question is from the line of Seth Seifman with JPMorgan.

你的下一個問題來自摩根大通的 Seth Seifman。

Maybe I'll continue along the aftermarket line of questioning.

也許我會繼續沿著售後市場提問。

I guess the sequential growth of Collins was in-line with the outlook.

我猜柯林斯的連續增長與前景一致。

But I think, Greg, you've spoken in September, and I think correctly or not, people came away with maybe a little bit more optimism.

但我認為，格雷格，你在 9 月份發表過講話，我認為無論正確與否，人們離開時可能會更加樂觀。

And was the pace of growth, did it kind of slow toward the end of the quarter?

增長速度是否在本季度末有所放緩？

And then if you could give us -- at Collins, are you still looking for that mid-single digit in the fourth quarter?

然後，如果你能給我們——在柯林斯，你還在尋找第四季度的中個位數嗎？

Is there any kind of provisioning ahead of international travel returning in the U.S. that might help the way that domestic did earlier this year?

在美國返回國際旅行之前，是否有任何形式的準備金可能有助於像今年早些時候國內旅行那樣？

Or any kind of update on how much the trends in Collins aftermarket improvement are being affected by both kind of demand and supply issues?

或者關於柯林斯售後市場改進的趨勢在多大程度上受到需求和供應問題的影響的任何更新？

Yes.

是的。

Seth, let me -- so as Neil said, I think sequentially, Collins was up about 4%.

賽斯，讓我——正如尼爾所說，我認為柯林斯依次上漲了約 4%。

We were expecting 5%.

我們預計 5%。

So it was a little bit slower than what we had expected.

所以它比我們預期的要慢一點。

And I think I would attribute that mostly to that kind of slowdown in the middle of the summer that we saw in August and September as the Delta variant of COVID became more problematic.

我想我會把這主要歸因於我們在 8 月和 9 月看到的夏季中期的那種放緩，因為 COVID 的 Delta 變體變得更加成問題。

Again, as we closed out the quarter and as we move into October, we see that kind of low single digit, 4%, 5% growth again sequentially, that is, in Q4.

同樣，當我們結束本季度並進入 10 月時，我們再次看到這種低個位數增長，即 4%、5% 的連續增長，即在第四季度。

I think the real issue at Collins, and Neil hit on this, is their exposure to widebody.

我認為 Collins 和 Neil 發現的真正問題是他們接觸寬體飛機。

That's 40% to 45% of their aftermarket.

那是他們售後市場的 40% 到 45%。

And we were hoping we were going to see a faster reopening of the international markets.

我們希望我們能看到國際市場更快地重新開放。

They are reopening, I would say, at a rather tepid pace.

我想說，他們正在以相當緩慢的速度重新開放。

And so that's really the governor, I would tell you, on Collins' aftermarket growth.

所以這真的是州長，我會告訴你，柯林斯的售後市場增長。

Narrowbody is all good.

窄體機一切都很好。

That's operating -- the A320 fleet out there is operating about 80% of pre-COVID, similar like 70% on the V2500 fleet.

這是在運行——A320 機隊的運行量約為 COVID 前的 80%，類似於 V2500 機隊的 70%。

So that's all good.

所以這一切都很好。

The real issue is widebody.

真正的問題是寬體。

And until we see a reopening of the international routes.

直到我們看到國際航線重新開放。

And right now, we're seeing North Atlantic opening up, which is great, but we're still not seeing the Asia routes.

現在，我們看到北大西洋開放，這很好，但我們仍然沒有看到亞洲航線。

And that is the thing that we really don't expect to see until 2023, which means you're not going to get a full recovery until probably the end of 2023 back to '19 levels at Collins.

這是我們真正不希望在 2023 年之前看到的事情，這意味著您可能要到 2023 年底才能完全恢復到柯林斯 19 年的水平。

Your next question is from the line of Noah Poponak with Goldman Sachs.

你的下一個問題來自高盛的 Noah Poponak。

Neil, the updated full year '21 guidance, I think, has the segment margin down sequentially in every segment.

尼爾，我認為，更新後的 21 年全年指南在每個細分市場中都按順序降低了細分市場利潤率。

Just sort of wondering broadly how much of that is conservatism versus specific headwinds.

只是有點想知道其中有多少是保守主義與特定的逆風。

And I guess in Collins, in particular, the margin and the EBIT dollars have to be down a decent amount in 4Q, even with revenues still up, notwithstanding the headwinds you've cited here, if you could walk us through why that happens.

我想尤其是在柯林斯，利潤率和息稅前利潤在第四季度必須下降相當多，即使收入仍在上升，儘管你在這裡提到了逆風，如果你能告訴我們為什麼會這樣。

Sure.

當然。

Thanks.

謝謝。

Not conservatism, I don't believe.

不是保守主義，我不相信。

I think we've got this reasonably calibrated.

我認為我們已經對此進行了合理校準。

But let me take you through each business unit.

但讓我帶您了解每個業務部門。

So at Collins, if you are doing the math, which looks like you've done, Noah, you'll see margins in the 9% range in the fourth quarter.

所以在柯林斯，如果你正在做數學，看起來你已經做過，諾亞，你會看到第四季度的利潤率在 9% 的範圍內。

There were a couple of items in the third quarter that helped Collins to the tune of about $0.02.

第三季度有幾項幫助柯林斯獲得了大約 0.02 美元的收益。

We had a land sale.

我們有土地出售。

We also had a workers' comp adjustment that was favorable.

我們還進行了有利的工人補償調整。

Those 2 items, if you adjust for them, would get Collins third quarter loss in the neighborhood of 9%.

如果對這兩項進行調整，柯林斯第三季度的虧損將達到 9% 左右。

So I think we see roughly flattish margins for Collins between Q3 and Q4.

所以我認為我們看到柯林斯在第三季度和第四季度之間的利潤率大致持平。

Recall, we've been talking about the ramp in R&D and some of the discretionary spend.

回想一下，我們一直在談論研發的增長和一些可自由支配的支出。

We saw some of that happen in the third quarter.

我們在第三季度看到了其中一些情況。

We'll see more of that in the fourth quarter.

我們將在第四季度看到更多這樣的情況。

So that's the Collins story.

這就是柯林斯的故事。

At Pratt, it's a different story.

在普拉特，這是一個不同的故事。

The margins are sequentially down.

利潤率依次下降。

That's largely on higher A320neo.

這主要是在更高的 A320neo 上。

In fact, all of our GTF deliveries will be higher in the fourth quarter than the third quarter.

事實上，我們所有的 GTF 交付量在第四季度都將高於第三季度。

So the negative engine margin headwind will persist.

因此，負引擎利潤率逆風將持續存在。

And then similarly, we'll see continued E&D and SG&A grow just a little bit.

然後類似地，我們將看到持續的 E&D 和 SG&A 增長一點點。

Both those companies, Collins and Pratt, have done a really nice job to control the spending, but it was back-end loaded as we positioned ourselves to adjust depending on how the year turned out.

這兩家公司，Collins 和 Pratt，在控制支出方面做得非常好，但它是後端負載，因為我們將自己定位為根據當年的結果進行調整。

For RIS, we'll see margins around 10%.

對於 RIS，我們將看到 10% 左右的利潤率。

We should see continued productivity there.

我們應該在那裡看到持續的生產力。

So no major changes there.

所以那裡沒有重大變化。

And RMD, they'll exit the year around 12%, pretty much in line with the third quarter.

而 RMD，他們將在今年退出 12% 左右，與第三季度基本一致。

I'll point out for both RIS and RMD, there are 4 fewer days in the fourth quarter of this year than there were last year.

我要指出，對於 RIS 和 RMD，今年第四季度的天數比去年少了 4 天。

And so that will give us a little bit of just headwind, but of course, that's just timing.

因此，這會給我們帶來一些不利因素，但當然，這只是時機。

Given your comments on widebody and then what's happening with the A320, do we need to all be calibrated to -- with respect to the aerospace business margins, do we need to be calibrated to a nonlinear path to the 2025 targets, I guess, specifically next year if widebody is still a bit slow and the A320 is ramping in Pratt?

考慮到您對寬體機的評論，然後是 A320 發生的事情，我們是否需要全部校準到 - 關於航空航天業務利潤率，我們是否需要校準到 2025 年目標的非線性路徑，我想，特別是明年，如果寬體機仍然有點慢，而 A320 正在普拉特起飛？

Noah, I think we've been talking about this for almost 2 years now since the pandemic started.

諾亞，我想自從大流行開始以來，我們已經討論了將近 2 年了。

The recovery is going to be, I'll call it, lumpy, in fact.

事實上，復甦將是，我稱之為，凹凸不平。

And that depends on the routes, the airlines.

這取決於航線和航空公司。

And clearly, widebody is going to be a big piece of that.

顯然，寬體機將成為其中的重要組成部分。

So, I do think there will be a little lumpiness to the margin trajectory.

所以，我確實認為保證金軌跡會有一點起伏。

Keep in mind that Greg just talked about the 787, that's a huge revenue contributor, not a big margin contributor until you get into the aftermarket.

請記住，格雷格剛剛談到了 787，這是一個巨大的收入貢獻者，而不是一個很大的利潤貢獻者，直到你進入售後市場。

So, I think that's a fair assumption.

所以，我認為這是一個合理的假設。

We'll certainly be back here in January to give a little more color on what '22 looks like for us based on what we see during the fourth quarter.

我們肯定會在 1 月份回到這裡，根據我們在第四季度看到的情況，為我們的 22 年帶來更多色彩。

Your next question is from the line of Robert Stallard with Vertical Research.

你的下一個問題來自 Vertical Research 的 Robert Stallard。

Greg, a couple of months ago, you sounded perhaps a little bit skeptical about Airbus' A320 ramp plans.

格雷格，幾個月前，你聽起來可能對空中客車公司的 A320 坡道計劃有點懷疑。

But today, you sound a bit happy about it.

但今天，你聽起來有點高興。

So I was wondering if you could maybe elaborate on your latest thoughts on this and whether you do feel more comfortable on the A320 now?

所以我想知道您是否可以詳細說明您對此的最新想法以及您現在是否對 A320 感覺更舒服？

Rob, I would tell you, I remain somewhat skeptical about rate 75.

Rob，我會告訴你，我對 75 的利率仍然持懷疑態度。

I think that's just natural.

我認為這是很自然的。

I think you'll hear it from the leasing companies out there that there's probably not demand, unless it comes out of Boeing's.

我想你會從那裡的租賃公司那裡聽到，除非它來自波音公司，否則可能沒有需求。

And again, as Airbus ramps up production, Boeing will ramp up production.

同樣，隨著空客提高產量，波音也將提高產量。

The question is are we really going to see a market that will support, call it, 50 737s and 75 A320s on a monthly basis or 125 airplanes a month.

問題是我們是否真的會看到一個市場每月支持 50 架 737 和 75 架 A320 或每月 125 架飛機。

Again, it could happen.

同樣，它可能會發生。

We'll be ready to support Airbus, our customer, if indeed it does.

如果確實如此，我們將準備好支持我們的客戶空中客車公司。

But I would tell you that our plans -- our 5-year plans do not anticipate getting to that kind of rate by 2024 or 2025.

但我會告訴你，我們的計劃——我們的 5 年計劃預計到 2024 年或 2025 年不會達到那種速度。

Again, maybe we're being conservative.

再一次，也許我們是保守的。

But again, we'll support the customer if the demand is there.

但同樣，如果有需求，我們將支持客戶。

Your next question is from the line of Doug Harned with Bernstein.

你的下一個問題來自伯恩斯坦的 Doug Harned。

I just -- I wanted to follow up on what Rob was talking about there.

我只是 - 我想跟進 Rob 在那裡談論的內容。

Because if you look at the A320 family, I guess there are 2 things here.

因為如果你看一下 A320 系列，我想這裡有兩件事。

You have said -- expressed some skepticism about the planned rate increase.

你說過 - 表達了對計劃加息的一些懷疑。

Your CFM counterparts have also done that.

您的 CFM 同行也這樣做了。

Some in the customer community have, Boeing has, everybody could have different motivations here.

客戶社區中的一些人，波音公司，每個人都可能有不同的動機。

But when you go forward, they are -- they're holding fast to this production plan.

但是當你繼續前進時，他們是——他們堅持這個生產計劃。

How does this break?

這怎麼破？

In other words, when do you or your counterparts say, "Okay, we will facilitize for 70 a month and make that investment." So how does this process move forward?

換句話說，您或您的同行什麼時候說，“好吧，我們將提供每月 70 美元的便利並進行投資。”那麼這個過程是如何推進的呢？

So keep in mind, on the A320 family, it is a shared platform between CFM and Pratt & Whitney.

所以請記住，在 A320 系列上，它是 CFM 和 Pratt & Whitney 之間的共享平台。

And so, our goal here is to make sure that we have the most profitable piece of that business.

因此，我們的目標是確保我們擁有該業務中最賺錢的部分。

And so again, we will continue to sell the engines where we think we can make the most money.

同樣，我們將繼續在我們認為可以賺到最多錢的地方銷售發動機。

But again, we're not going to chase every last engine campaign just to get to a higher rate.

但同樣，我們不會為了獲得更高的利率而追逐每一個最後的引擎活動。

So, we want to be disciplined on pricing.

因此，我們希望在定價方面受到紀律處分。

And again, if the demand is really there and it's -- we're out talking to customers every single day.

再一次，如果需求真的存在而且它是——我們每天都在外面與客戶交談。

If the demand is there, if Guillaume and Airbus are correct, we will get our fair share.

如果有需求，如果紀堯姆和空客是正確的，我們將獲得公平的份額。

Maybe it won't be 50%, maybe it will be 45%, maybe it will be 40%.

也許不會是50%，也許是45%，也許是40%。

But we'll get our fair share of whatever the ultimate demand is.

但無論最終需求是什麼，我們都會得到公平的份額。

And if I can just follow on that because one other thing that's going on right now is that Airbus deliveries are lagging production today, and they have probably 130-plus airplanes parked, and the majority would be in the A320 family.

如果我能繼續說下去，因為現在正在發生的另一件事是空中客車公司今天的交付滯後於生產，他們可能停放了 130 多架飛機，其中大部分屬於 A320 系列。

How does that affect you if you have this gap in deliveries and production at Airbus in terms of your deliveries of engines to them and then your planning for the next few quarters?

如果您在空中客車公司的交付和生產方面存在差距，在向他們交付發動機以及您對未來幾個季度的計劃方面，這對您有何影響？

We do not foresee a gap in our delivery profile for the Airbus engines.

我們預計空客發動機的交付概況不會出現差距。

We're continuing to produce.

我們繼續生產。

And in fact, as I just said, in the fourth quarter, I expect them to go up sequentially.

事實上，正如我剛才所說，在第四季度，我預計它們會依次上升。

As you know, Airbus has a huge backlog for the A320, and they're working with their customers as we are to make sure they take delivery.

如您所知，空中客車公司有大量 A320 積壓訂單，他們正在與他們的客戶合作，以確保他們能夠交付。

Not going to get into predicting how many they will deliver, but we don't foresee any gaps in our engine delivery profile.

不打算預測他們將交付多少，但我們預計我們的引擎交付概況不會有任何差距。

I mean think about that, Doug.

我的意思是考慮一下，道格。

They've got thousands of A320s in backlog.

他們積壓了數千架 A320。

And the fact that there's a few parked, that's just really the state of the airline industry today that some of the airlines looking for financing, but we don't see any interruption in the production rate.

事實上，有一些停放，這就是當今航空業的真實狀況，一些航空公司正在尋求融資，但我們沒有看到生產率有任何中斷。

And as Neil said, it will continue to go up both this year and next.

正如尼爾所說，今年和明年都會繼續上漲。

Next question is from the line of Myles Walton with UBS.

下一個問題來自 Myles Walton 與 UBS 的合作。

I was wondering how are you quantifying the sort of the risk around the vaccine mandate, both in your operation and in the supply chain?

我想知道您如何量化您的運營和供應鏈中圍繞疫苗授權的風險類型？

And also, I guess what's the bigger supply chain issue that's hitting you now?

而且，我想現在困擾您的更大的供應鏈問題是什麼？

Is it people?

是人嗎？

Is it raw material?

是原材料嗎？

Is it chips?

是芯片嗎？

And sort of what's the growing risk and what's the fading risk?

什麼是增加的風險，什麼是消退的風險？

So Myles, the -- in that $275 million number we threw out before in terms of supply chain impact to the year, the people part of it is about 1/3.

所以 Myles，在我們之前拋出的 2.75 億美元的數字中，就供應鏈對今年的影響而言，其中的人員部分約為 1/3。

And so that's -- we are expecting some level of disruption, some level of challenge in the supply chain just because there -- keep in mind, it's not just the prime contractors but it's also all of our subcontractors that need to follow the mandate as well.

所以這就是——我們預計供應鏈會出現某種程度的中斷，某種程度的挑戰，因為——請記住，不僅是主承包商，我們所有的分包商都需要遵守規定出色地。

So we are expecting some minor level of disruption.

因此，我們預計會有一些輕微的中斷。

Now this is not huge in the grand scheme of $64.5 billion of revenue.

現在，這在 645 億美元收入的宏偉計劃中並不算多。

But there will be some expected impact.

但是會有一些預期的影響。

And as we get closer to the deadline date of December 8, this could pick up.

隨著我們越來越接近 12 月 8 日的截止日期，這種情況可能會有所好轉。

So we're monitoring it.

所以我們正在監視它。

We're out talking to all of our key suppliers.

我們正在與我們所有的主要供應商交談。

We're talking to our customers, and we're just trying to stay on top of that.

我們正在與我們的客戶交談，我們只是想保持領先地位。

As far as shortages, people are a piece of it.

就短缺而言，人是其中的一部分。

But I would tell you, there's-- it's also raw materials.

但我會告訴你，還有——它也是原材料。

And while we have good coverage under long-term agreements, we've seen lead times double on some of these raw materials.

雖然我們在長期協議下有很好的覆蓋範圍，但我們已經看到其中一些原材料的交貨時間翻了一番。

Chips, not a huge issue for us.

芯片，對我們來說不是一個大問題。

I think, again, we've got adequate supply, but it's always a watch item out there.

我再次認為，我們有充足的供應，但它始終是一種手錶產品。

Logistics, getting trucks to pick up material, getting the material in is also proving to be a challenge.

事實證明，物流、讓卡車來提貨、把材料運進來也是一個挑戰。

But look, it's -- in the grand scheme of RTX, I just don't think that's a -- it's going to be a meaningful or a material impact on us for the year.

但是看，它是 - 在 RTX 的宏偉計劃中，我只是不認為這是 - 這將對我們今年產生有意義或實質性的影響。

We're managing it pretty well.

我們管理得很好。

We've got a robust team in supply chain and operations that are all over this, and we'll just -- we'll keep managing through it.

我們在供應鍊和運營方面擁有一支強大的團隊，我們將繼續管理它。

Your next question comes from the line of Mike Maugeri with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Mike Maugeri。

Neil, can you spend a little bit more time on cash flow and working capital through the end of the year?

尼爾，你能在年底前多花點時間在現金流和營運資金上嗎？

And then how that sets up for your working capital into next year?

那麼這如何為您明年的營運資金做好準備？

And then related on the CapEx trim this year, is that pushing CapEx?

然後與今年的資本支出相關，這會推動資本支出嗎？

Or is that CapEx going away?

或者資本支出會消失嗎？

Thanks for the question.

謝謝你的問題。

So let me just share a couple of thoughts around the free cash flow.

因此，讓我就自由現金流分享一些想法。

We obviously took the range up the bottom end by $0.5 billion on a couple of things.

我們顯然在一些事情上將範圍的底端提高了 5 億美元。

One, improved profit; and two, slightly lower CapEx, as you pointed out.

一、提高利潤；第二，正如您所指出的，資本支出略低。

Year-to-date, working capital has been an outflow, and that's pretty typical for us.

今年迄今為止，營運資金一直在外流，這對我們來說是很典型的。

So, we're expecting the fourth quarter - at least $1.5 billion of positive working capital.

因此，我們預計第四季度至少有 15 億美元的正營運資金。

Again, a lot of that comes from the defense side of the business as we receive receipts from our customers, cash receipts, that is.

同樣，其中很多來自業務的防禦方面，因為我們收到客戶的收據，即現金收據。

So we feel pretty good that we'll continue to see a net working capital improvement.

因此，我們對繼續看到淨營運資本的改善感到非常高興。

It could be a little heavier than the number we talked about at the beginning of the year as we make sure we have an appropriate amount of buffer stock in some places for the issues Greg just talked about.

它可能比我們在年初談到的數字要重一些，因為我們確保在某些地方有適當數量的緩衝庫存來解決 Greg 剛才談到的問題。

But all in all, really good progress.

但總而言之，確實是很好的進步。

Just to give you a couple of thoughts.

只是想給你一些想法。

Inventory has been a real bright spot, frankly.

坦率地說，庫存一直是一個真正的亮點。

Collins, sequentially, their inventory was only up $30 million from Q3 -- or Q2 to Q3, and Pratt is in fact down nearly $100 million sequentially.

柯林斯，他們的庫存從第三季度開始僅增加了 3000 萬美元 - 或者從第二季度到第三季度，而普拉特實際上連續下降了近 1 億美元。

So, the teams are doing a fantastic job of managing inventory as we recover through this cycle.

因此，隨著我們在這個週期中恢復，團隊在管理庫存方面做得非常出色。

So, I'm very happy with that.

所以，我對此非常滿意。

In terms of the timing of the CapEx, we've got a big ramp in the fourth quarter, which is also typical for us.

就資本支出的時間而言，我們在第四季度有了很大的增長，這對我們來說也是典型的。

I do think that some of the savings we're seeing this year could slip into next year, particularly around our large structural projects.

我確實認為我們今年看到的一些節省可能會轉移到明年，特別是在我們的大型結構項目方面。

But the good news is we're completing those projects within budget.

但好消息是我們正在預算內完成這些項目。

So, it's all kind of contained in our cash outlook.

所以，這都包含在我們的現金前景中。

I won't get into where we see free cash flow next year, but I do expect it to grow, as we've talked about back at the Investor Day, and we'll be back in January with more details on how that's expected to unfold.

我不會談論明年我們看到自由現金流的地方，但我確實預計它會增長，正如我們在投資者日討論的那樣，我們將在 1 月份回來提供有關預期如何的更多詳細信息展開。

Your next question is from the line of Matt Akers with Wells Fargo.

你的下一個問題來自富國銀行的 Matt Akers。

I was wondering If you could comment a little bit about fuel, fuel prices and just with sort of the uptick year-to-date.

我想知道你是否可以就燃料、燃料價格以及今年迄今的上漲發表一些評論。

Is that starting to flow through at all into your customer behavior on the commercial side or kind of flying some of the older aircraft differently or maybe potential demand for new aircraft to kind of get the fuel efficiency savings?

這是否開始完全影響到您在商業方面的客戶行為，或者以不同的方式駕駛一些舊飛機，或者可能對新飛機的潛在需求，以節省燃油？

Is there anything you're seeing from your customers there?

您從那裡的客戶那裡看到了什麼嗎？

Matt, not really any impact, except we have seen pricing going up.

馬特，除了我們看到價格上漲外，沒有任何影響。

And I think if you're out buying a ticket today to fly any place, you're going to see the prices have gone up significantly from what we saw this summer.

而且我認為，如果您今天購買機票飛往任何地方，您將看到價格比我們今年夏天看到的價格大幅上漲。

So, while fuel prices are up, oil north of $80 a barrel, we believe that the airlines are being -- are able to pass along those higher fuel costs in the form of higher ticket prices.

因此，雖然燃油價格上漲，油價超過每桶 80 美元，但我們相信航空公司能夠 - 能夠以更高的票價形式轉嫁那些更高的燃油成本。

Obviously, if it's a prolonged increase, it does drive demand for next-generation aircraft.

顯然，如果它是長期增長，它確實會推動對下一代飛機的需求。

And right now, of course, there's a lot of aircraft out there still sitting on the ground.

當然，現在還有很多飛機仍然停在地面上。

So, I wouldn't expect there would be a near-term impact like that.

所以，我不認為會有這樣的近期影響。

But clearly, the airlines are raising prices to compensate for the higher fuel costs.

但顯然，航空公司正在提高價格以補償較高的燃料成本。

Your next question comes from the line of Cai von Rumohr with Cowen.

你的下一個問題來自 Cai von Rumohr 與 Cowen 的對話。

So great results.

如此出色的結果。

So the F-35 peak production target, as you know, has been brought down.

因此，如您所知，F-35 的峰值生產目標已被降低。

And supply chain has emerged as a bigger issue recently.

供應鏈最近已成為一個更大的問題。

You mentioned $275 million.

你提到了 2.75 億美元。

But maybe could you give us color on, A, where the supply chain issues are the biggest worry?

但也許你能給我們一些顏色，A，供應鏈問題是最大的擔憂嗎？

And secondly, kind of what the F-35 rate impact does to you?

其次，F-35 率的影響對你有什麼影響？

Because clearly, it looks like it does quite a bit to the prime.

因為很明顯，它看起來對質數有很大影響。

Yes, Cai.

是的，蔡。

So as you think about going down from roughly, what, 16 engines a month down to 13 engines a month, it will have an impact on Pratt.

因此，當您考慮大致從每月 16 台發動機減少到每月 13 台發動機時，這將對普拉特產生影響。

But again, it's a -- as I think about the 135, it's a small piece of our overall defense budget.

但同樣，我認為 135 是我們整體國防預算的一小部分。

It's not -- when you're talking, let's call it, $10 million an engine, so you're going to lose $30 million a month.

這不是——當你在談論的時候，讓我們稱之為，1000 萬美元一個引擎，所以你每個月將損失 3000 萬美元。

So you may lose $350 million, $360 million of revenue going forward.

所以你可能會損失 3.5 億美元，未來 3.6 億美元的收入。

Again, on the defense backlog of $65 billion, it's just not that significant.

同樣，在 650 億美元的國防積壓中，這並沒有那麼重要。

Obviously, it's much more important to the prime on that particular program as you see those kinds of reductions.

顯然，當您看到這些減少時，對於該特定程序的主要內容更為重要。

In terms of specifics on supply chain, I don't know that I could point to a single supplier that is other than, again, its components, its raw materials, think about aluminum prices going up, think about the steel, all of the basic raw materials, lead times pushing out, and it's just harder to get material in the door on time.

就供應鏈的細節而言，我不知道我能指出一個單一的供應商，除了它的組件、原材料，想想鋁價上漲，想想鋼鐵，所有的基本原材料，交貨時間推遲，而且很難按時獲得材料。

And we're also seeing, of course, labor shortages in our supply chain, which is also slowing down input.

當然，我們也看到我們供應鏈中的勞動力短缺，這也在減緩投入。

And I think that's going to be a continuing problem into next year.

我認為這將是一個持續到明年的問題。

And the vaccine mandate probably not going to help that, although the vaccine mandate probably will help us on the commercial aerospace side if everybody gets vaccinated.

疫苗授權可能無濟於事，儘管如果每個人都接種疫苗，疫苗授權可能會對我們在商業航空航天方面有所幫助。

So, we're all for that.

所以，我們都讚成。

Cai, let me just add one thing on F-135 rates.

蔡，讓我在 F-135 費率上添加一件事。

Keep in mind that the production engines, but there's also power mods and pieces that Pratt makes that support the aftermarket.

請記住生產引擎，但也有 Pratt 製造的支持售後市場的動力模塊和部件。

And so you'll get 1, 1.5 equivalent engines per month on top of sort of production rate.

因此，除了某種生產率之外，您每月還將獲得 1、1.5 台等效發動機。

So it will be a little below the 16 a month.

所以它會略低於每月 16 次。

All of that has been calibrated in our long-term outlook that we talked about earlier this year.

所有這些都在我們今年早些時候談到的長期前景中得到了校準。

So certainly a little bit lower on the production side, but not a full drop.

所以在生產方面肯定會降低一點，但不會完全下降。

So I just wanted to kind of add that extra point there for you.

所以我只是想為你補充一點。

Terrific.

了不起。

And then on the supply chain, Greg, you mentioned raw materials.

然後在供應鏈上，格雷格，你提到了原材料。

To what extent do you have raw material price escalators in your contracts?

您的合同中有多大程度的原材料價格自動扶梯？

So typically, as you know, Cai, we've got protection from, I'd say, abnormal escalation in our contracts.

所以通常情況下，正如你所知，蔡，我們已經得到保護，我會說，我們的合同不正常升級。

So there's a dead band in terms of inflation for most of the contracts.

因此，就大多數合約而言，通貨膨脹方面存在死區。

But we also -- for most of those raw materials, we also have long-term supply agreements, which cover us for the vast majority of the material.

但我們也 - 對於大多數原材料，我們也有長期供應協議，其中涵蓋了絕大多數材料。

So we're not seeing the impact today of all of the, I would say, spot prices for materials that you might otherwise be thinking about.

因此，我們今天沒有看到您可能會考慮的所有材料現貨價格的影響。

Most of that is coming in under LTA.

其中大部分是根據 LTA 進行的。

If these prices persist long term, then we will see an impact.

如果這些價格長期持續，那麼我們將看到影響。

And again, we'll extend to the extent that, that is greater than these dead bands, we'll be able to pass that on and recover that through our contracts.

再一次，我們將擴展到比這些死區更大的程度，我們將能夠傳遞它並通過我們的合同恢復它。

Let me put some numbers on that, Cai.

蔡，讓我給出一些數字。

90% of Pratt's products are under LTA, probably 70% of Collins.

Pratt 90% 的產品都在 LTA 之下，Collins 大概是 70%。

And so on average, we're about 80% protected.

所以平均而言，我們大約有 80% 受到保護。

So again, as Greg said, in the near term, it's not a major issue for us.

因此，正如格雷格所說，在短期內，這對我們來說不是一個主要問題。

Your last question is from the line of Kristine Liwag with Morgan Stanley.

你的最後一個問題來自摩根士丹利的 Kristine Liwag。

Greg, with defense stable and aerospace recovery coming along nicely, can you discuss your capital deployment priorities?

格雷格，隨著國防穩定和航空航天復蘇進展順利，你能談談你的資本部署優先事項嗎？

And how are you thinking about the portfolio and M&A at this point in time?

您目前如何看待投資組合和併購？

Sure.

當然。

I think for us right now, there is no news.

我想現在對我們來說，沒有消息。

There's no change, I would say, in the focus of the portfolio.

我想說，投資組合的重點沒有變化。

We're going to continue to look for investments like SEAKR Engineering, like FlightAware that can enhance the offerings that we already have, especially in software and in the space business.

我們將繼續尋找像 SEAKR Engineering 和 FlightAware 這樣的投資，它們可以增強我們已有的產品，特別是在軟件和太空業務方面。

At the same time, we're going to continue to look at lower margin, lower growth businesses for divestiture.

與此同時，我們將繼續關注利潤率較低、增長較低的業務以進行剝離。

Nothing to announce today.

今天沒有什麼可宣布的。

We'll keep looking at the portfolio as we always do.

我們將一如既往地關注投資組合。

As far as capital allocation, I think, first and foremost, we're going to invest in E&D and CapEx.

就資本配置而言，我認為，首先，我們將投資於 E&D 和資本支出。

And as you think about that number, this year, it will be about $5 billion.

想想這個數字，今年將達到 50 億美元左右。

Next year, it will probably be closer to $6 billion of investments between CapEx and E&D.

明年，CapEx 和 E&D 之間的投資可能接近 60 億美元。

That is the first priority, is to invest for the future of the business.

這是首要任務，是為企業的未來投資。

At the same time, we'll continue to take up share buyback.

與此同時，我們將繼續進行股票回購。

Over the next couple of years, we've got to do another $6 billion of share buyback to hit that $20 billion target that we've got out there.

在接下來的幾年裡，我們必須再進行 60 億美元的股票回購，以實現我們已經設定的 200 億美元的目標。

And we fully expect to be able to do that, if not a little bit more.

我們完全希望能夠做到這一點，如果不是更多的話。

And again, we've got a lot of flexibility with the balance sheet.

再一次，我們在資產負債表上有很大的靈活性。

We've got $7.5 billion of cash sitting there at the end of the third quarter.

到第三季度末，我們有 75 億美元的現金。

And we've got plenty of liquidity if we decide we want to make some other investments.

如果我們決定要進行一些其他投資，我們將擁有充足的流動性。

But for the time being, we're going to focus on generating cash, investing in E&D, investing in the business and growing it.

但就目前而言，我們將專注於產生現金、投資 E&D、投資業務並發展業務。

I would now like to turn the call back over to Mr. Hayes for closing remarks.

我現在想把電話轉回給海耶斯先生作結束語。

Okay.

好的。

Thank you, Misty, and thank you, everyone, for listening in.

謝謝你，Misty，也謝謝大家收聽。

A good quarter.

一個好季度。

I hope everyone would agree.

我希望每個人都會同意。

Neil and Jennifer and the team will be available all day today to take your questions.

Neil 和 Jennifer 以及團隊今天全天都可以回答您的問題。

So thanks very much for listening and take care.

非常感謝您的聆聽和保重。

Bye-bye.

再見。

Bye.

再見。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。